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China may open nuke plant in UK
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China could in the future build and own a nuclear power plant in Britain, the United Kingdom’s Finance Minister George Osborne said yesterday, potentially paving the way for the country’s first such project in the West.
Chinese companies are expected to help finance the 16 billion pound (US$25 billion) Hinkley Point nuclear plant in southwest England, and Osborne said their participation could lead to China developing and owning a future nuclear plant, possibly at Bradwell, a site earmarked for development in eastern England.
The UK government will provide 2 billion pounds in initial support for the Hinkley Point project, which is owned by the British subsidiary of French energy company EDF with China General Nuclear Corp (CGN) and China National Nuclear Corp (CNNC) expected to be investors, he said.
“This civil nuclear cooperation opens the door to majority Chinese ownership of a subsequent nuclear project in Bradwell,” Osborne said during a visit to Beijing, presenting Britain as one of the West’s most open countries to Chinese investments.
Osborne said Britain welcomes the “potential for majority Chinese investment in future nuclear projects.”
The Bradwell site is also owned by EDF’s British subsidiary.
“The UK will benefit from this long-standing cooperation and the extensive and proven capability of CGN and CNNC in the construction and operation of nuclear plants,” an EDF Energy spokeswoman said, without elaborating on plans for the site.
Britain’s Department of Energy and Climate Change, which deals with the country’s nuclear new build program, said the development of the Bradwell site was a commercial matter for EDF.
For years China has depended on Western technology to build its nuclear power fleet, but it now has its own nuclear reactor design, named Hualong 1.
Premier Li Keqiang said earlier this year that China aims to increase its share of global sales in advanced industries, including implementing major projects in nuclear power.
In Britain, the Hinkley Point project has been slow to take shape as delays on other EDF nuclear projects and difficulties raising financial support pushed back the final investment decision.
The British government announced a first tranche of a state loan guarantee worth up to 16 billion pounds yesterday, saying further amounts would be subject to EDF meeting certain conditions.
“It is further progress towards a final investment decision,” said Vincent de Rivaz, chief executive of EDF Energy, the French utility’s British subsidiary.
Osborne also said that Britain will continue to help China with the internationalization of its currency.
London has been keen to attract Chinese banks and encourage offshore trade in the yuan to bolster its position as the world’s center for foreign exchange trading.
“We want to continue to play our role as the world’s leading financial center in helping with the gradual internationalization of the yuan, and I hope we can take further steps today to strengthen cooperation between financial markets,” Osborne said.
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